The 2024 Index values Byju Raveendran at zero due to difficulties facing Byju, which formerly had a $22 billion peak valuation.
According to the most recent Forbes Billionaire Index, Byju Raveendran, the founder of the edtech company Byju, lost all of his wealth. Byju Raveendran was originally classified as having a net worth of ₹17,545 crore ($2.1 billion). However, due to obstacles, Byju’s valuation has dropped to zero in the 2024 Index.
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What Forbes said on Byju Raveendran?
Only four names from the previous year’s list were removed, according to Forbes. Among them was Byju Raveendran, a former Edtech star whose company Byju’s was hit by several crises and had BlackRock reduce its valuation to $1 billion, a small portion of its $22 billion high valuation in 2022.
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What do you need to know about Byju’s?
Founded in 2011, the company expanded rapidly to become the most valued startup in India. It was valued at $22 billion in 2022 when the learning app, which catered to students aspiring to MBAs, was released. However, the company’s losses have been increasing as a result of recent financial disclosures and disputes.
BlackRock, a significant investor, reduced Byju’s valuation to under $1 billion after the company’s long-delayed fiscal year-end figures for March 2022 revealed a net loss of over $1 billion.
This occurred after Prosus NV and Peak XV Partners, among other shareholders, voted last month to remove Byju Raveendran from his position as CEO of the company. As part of its continuous business restructuring initiatives, the corporation also began the process of terminating employees. According to reports, Byju carried out the latest layoffs mostly by phone, with email notices coming in second.
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